/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
VANCOUVER, BC, May 10, 2023
/CNW/ - Pure Gold Mining Inc. (NEX: PGM.H) (the "Company")
announces that today, on application by the Company, the
British Columbia Supreme Court (the "Court") has approved a
Post-Filing Director/Officer Claims Process Order (the
"Order") as part of the Company's ongoing proceedings
pursuant to the Companies Creditors Arrangement Act (the
"CCAA Proceedings"). The Order provides for a "Post-Filing
Director/Officer Claims Process" pursuant to which the
Court-appointed Monitor, KSV Restructuring Inc. (the
"Monitor") and the Company will call for and adjudicate, as
necessary, all claims against the Company's directors and officers
arising after October 31, 2022
("Post-Filing Director/Officer Claims").
Anyone who wishes to assert a Post-Filing Director/Officer Claim
against the Company's directors or officers must submit a
"Post-Filing Director/Officer Claim Form" to the Monitor. Copies of
all forms will be available on the Monitor's website at
https://ksvadvisory.com/experience/case/puregold (the
"Monitor's Website").
All Post-Filing Director/Officer Claim Forms must be received by
the Monitor by no later than 4:00 p.m.
(PST) on the "Claims Bar Date" of June 12, 2023. Any Post-Filing
Director/Officer Claims that are not received by the Claims Bar
Date will be forever barred and extinguished.
All claims submitted to the Monitor will be subject to the
Post-Filing Director/Officer Claims Process as set out in the
Order.
All inquires regarding the Post-Filing Director/Officer Claims
Process and the CCAA Proceedings should be directed to the Monitor
(Christian Vit) at email:
cvit@ksvadvisory.com or telephone: 416.932.6262.
The Company has also obtained an Order from the Court extending
the Stay of Proceedings in the CCAA Proceedings until June 16, 2023.
Information about the Company's CCAA Proceedings, including all
court orders, are available on the Monitor's Website.
About Pure Gold Mining Inc.
The Company is a Canadian gold mining company with a mine (the
"Mine") located in Red Lake,
Ontario, Canada. The Company owns and operates the Company's
Mine, which began gold production in 2021 after the successful
construction of an 800 tpd underground mine and processing
facility. The Company's Mine is centered on a forty-seven square
kilometre property with significant discovery potential.
Additional information about the Company and its activities may
be found on the Company's website
at www.puregoldmining.ca and under the Company's
profile at www.sedar.com
ON BEHALF OF THE COMPANY
"Jonathan Singh"
Jonathan Singh, Chief Administrative Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
All statements in this press release, other than
statements of historical fact, are "forward-looking information"
with respect to the Company within the meaning of applicable
securities laws, including, but not limited statements relating to
any claims made against the Company's officers and directors.
Forward-looking information is often, but not always, identified by
the use of words such as "seek", "anticipate", "plan", "continue",
"planned", "expect", "project", "predict", "potential",
"targeting", "intends", "believe", "potential", and similar
expressions, or describes a "goal", or variation of such words and
phrases or state that certain actions, events or results "may",
"should", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made including, among
others, assumptions about future prices of gold and other metal
prices, currency exchange rates and interest rates, favourable
operating conditions, political stability, obtaining governmental
approvals and financing on time, obtaining renewals for existing
licences and permits and obtaining required licences and permits,
labour stability, stability in market conditions, availability of
equipment, accuracy of any mineral resources, successful resolution
of disputes and anticipated costs and expenditures. Many
assumptions are based on factors and events that are
not within the control of the Company and there is no assurance
they will prove to be correct.
Such forward-looking information, involves known and unknown
risks, which may cause the actual results to be materially
different from any future results expressed or implied by such
forward-looking information, including, risks related to the CCAA
proceedings and the impact of the same on the Company's operations;
the Post-Filing Director/Officer Claims Process, current economic
conditions; future prices of commodities; possible variations in
grade or recovery rates; the costs and timing of the development of
new deposits; failure of equipment or processes to operate as
anticipated; the failure of contracted parties to perform; the
timing and success of exploration and development activities
generally; delays in permitting; possible claims
against the Company; the timing of future economic studies; labour
disputes and other risks of the mining industry; delays in
obtaining governmental approvals, financing or in the completion of
exploration as well as those factors discussed in the Annual
Information Form of the Company dated March
30, 2022 in the section entitled "Risk Factors", under the
Company's SEDAR profile at www.sedar.com.
Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
information, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that such information will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise unless required by law.
SOURCE Pure Gold Mining Inc.
